Inflation has been elevated, and some indicators of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully.

Inflation has been up. Inflation is up. Yet the Fed expects it to moderate. How very convenient.

ALSO:

The Committee will act in a timely manner as needed to promote sustainable economic growth and price stability.